RAYONIER INC — Director's Dealing 2004

Aug 4, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-08-02

Reporting Person: O GRADY JOHN P (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-02	Common Shares	M	11366	$18.75	Acquired	96365.50	Direct
2004-08-02	Common Shares	S	700	$44.16	Disposed	95665.50	Direct
2004-08-02	Common Shares	S	700	$44.19	Disposed	94665.50	Direct
2004-08-02	Common Shares	S	700	$44.21	Disposed	93965.50	Direct
2004-08-02	Common Shares	S	300	$44.22	Disposed	93665.50	Direct
2004-08-02	Common Shares	S	2200	$44.23	Disposed	91465.50	Direct
2004-08-02	Common Shares	S	400	$44.24	Disposed	91065.50	Direct
2004-08-02	Common Shares	S	2700	$44.25	Disposed	88365.50	Direct
2004-08-02	Common Shares	S	600	$44.26	Disposed	87765.50	Direct
2004-08-02	Common Shares	S	100	$44.27	Disposed	87665.50	Direct
2004-08-02	Common Shares	S	400	$44.28	Disposed	87265.50	Direct
2004-08-02	Common Shares	S	766	$44.29	Disposed	86499.50	Direct
2004-08-02	Common Shares	S	200	$44.32	Disposed	86299.50	Direct
2004-08-02	Common Shares	S	900	$44.33	Disposed	85399.50	Direct
2004-08-02	Common Shares	S	300	$44.34	Disposed	85099.50	Direct
2004-08-02	Common Shares	S	100	$44.35	Disposed	84999.50	Direct
2004-08-02	Common Shares	S	300	$44.17	Disposed	95365.50	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-02	01/02/96 Employee Stock Options	$18.75	M	11366	Disposed	2006-01-04	Common Shares (11366.00)	Direct